Stock selloff drives Treasury yields to lowest level in a week

Treasury yields declined Tuesday as global stocks plummeted, pushing investors into the perceived safety of the U.S. sovereign-bond market.

The yield on the 10-year Treasury note
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was down three basis points to 2.174% in recent trade, according to Tradeweb data. The two-year yield
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was down 2.4 basis points to 0.716%. Yield for both bonds hit their lowest levels since Aug. 24.

Yields started moving lower during the Asia trading day after the China Federation of Logistics and Purchasing’s official manufacturing purchasing managers index came in at 49.7, down from 50.0 a month ago — a reading that indicated contraction.

Investors sold core European debt, sending the yields on 10-year German and French bonds
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higher. The benchmark German bund was up 1.2 basis points to 0.801%, while the French
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benchmark rose 1.7 basis points to 1.157%.

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